The latest data give the Bank of Canada plenty to think about ahead of its policy announcement next week. The data appear to lend support to the Bank’s view that a soft landing is still achievable, with the stagnation in fourth-quarter GDP followed by a strong gain in January and the S&P Manufacturing PMI picking up again in February. However, the further fall in building permit issuance highlights that the full effects of high interest rates are still feeding through.
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